Tullow and partners invest close to $19bn in Ghana since commercial production started in 2010

Tullow Oil, together with its partners, have invested close to $19 billion in Ghana since commercial oil production started in 2010. The company has also disclosed that it has delivered $6 billion in revenue to government in the same period. This was contained in a statement issued by Tullow Oil Ghana after the company took its turn at the Ghana Stock Exchange “Facts Behind The Figures”. Managing Director of Tullow Ghana, Wissam Al- Monthiry said the company is committed to investing in Ghana to grow the economy. “Over the years, we have contributed significantly to Ghana’s economic growth. We have supported the communities in which we operate and made dreams come true for many in the country”, he said. He stated that Tullow has demonstrated tremendous commitment to helping the country achieve its economic development. “It speaks to the consistency of our commitment to build a better future for our host country through responsible oil and gas development. We see great potential in our existing assets and with timely support from key stakeholders, we can deliver even greater benefit to the people of Ghana”, Mr Al- Monthiry said.

Tullow Oil’s commitment to Ghana

The UK-based multinational oil and gas company, currently operates the two main oil fields in Ghana – Jubilee and TEN. Currently Tullow’s key partners in Ghana are Kosmos Energy, Ghana National Petroleum Company (GNPC), Petro SA and Jubilee Oil Holdings Limited (JOHL). Tullow and its partners, invested in the south-east side of the Greater Jubilee field, increasing production capacity of the field from 70,000 to 100,000 barrels-per-day. “The success of the Jubilee South-East project affirmed the partners’ conviction to continue investing in existing assets, rather than shifting focus elsewhere”, the company said.

Tullow Oil’s 2023 Financials

The company’s full year 2023 results, released in March 2024 revealed that it delivered $170 million in free cash flow last year, ahead of a $150 million projection. Tullow’s current market capitalization is $410 million and expects to generate $800 million in free cash flow over the 2023- 2025 period. Group Finance Director, Richard Miller, speaking at the same session, said Tullow’s 2023 full year results indicates that the company’s strategy to focus on debt reduction, grow production and deliver free cash flow, is beginning to yield good results

Ghana Stock Exchange on Tullow

The Managing Director of the Ghana Stock Exchange Abena Amoah described Tullow as a strategic member of the exchange and has over the years, contributed significantly to deepening the market’s capitalization and diversification. “We look forward to forging a greater partnership with the company in the years to come”, she said. Madam Amoah noted that “we are witnessing interesting times with new and potential listings underway”.

Source: myjoyonline.com